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Binance gives away BNB tokens worth $1.4 million

Maya Mandz | May. 16, 2019
Binance gives away BNB tokens worth $1.4 million

May 16, 2019 | AtoZ Markets - As an apology for weeks of hiatus that extended to both deposits and withdrawals due to the recent hack incident, the largest crypto exchange Binance gives away BNB tokens.

Binance gratitudes its clients for support

The recent security breach, discovered on May 7, cost Binance almost $41 million loss, and Binance' service was suspended for all its clients.

Three days ago, the company’s CEO Changpeng Zhao announced, that the company’s team is “making progress” and has made some significant system’s improvements, including “advanced security features added and/or completely re-architected.”

In his letter to the Binance' community, Zhao noted that deposits and withdrawals from Binance will become available on Tuesday.

Yesterday, in its blog update, the largest crypto exchange finally announced that it has completed its system upgrade and will resume all trading activity at 1:00 PM (UTC).

The same message the crypto exchange posted in its Twitter, saying “Trading is now LIVE!”  

Later, as a show of good faith to the investor community for sticking with Binance through the maintenance period, the crypto exchange announced giving away BNB tokens. The message appeared, in the company’s blog update.

How to get free Binance BNB tokens?

The exchange’s CEO, Changpeng Zhao, revealed in his Twitter that Binance will be giving away $1.2 million in Binance Coin (BNB).

The Binance’s announcement says, that all users with a valid trading volume of 1 BTC or more across any trading pairs on Binance during the promotion period will split a pool of 50,000 BNB. The promotion period is 2019/05/15 1:00 PM - 2019/05/18 0:00 AM (UTC)

In addition, according to Binance’ announcement, the crypto exchange will be providing VIP level ups. All existing VIP users will enjoy a one VIP level up on their current VIP level obtained by the standard qualified trading volume and BNB asset holding calculation. The promotion period is 2019/05/15 1:00 PM - 2019/05/22 0:00 AM (UTC)

According to the message on the crypto exchange’s blog, from now until the commencement of trading, users will be able to cancel open orders, process deposits and use other account related functions.

The Binance’ update notes that the withdrawal function will be available shortly after trading resumes. To increase the security and protection of their account, Binance users are recommended to periodically changing password, resetting 2FA, and updating anti-phishing code.

Binance (BNB) technical outlook

Binance Coin (BNB) has been a strong performer during the recent crypto bull market rally. In the last 1 week, the coin has risen nearly 27% to the highest price of $28.59 before correcting, with trading volume spiking by more than $90 Million.

The $23.40 mark is likely to be the first major support for BNBUSDpair during the opening breakout. From there, the $22.60 support could provide bullish traders with an early pushback opportunity provided panic selling. If that fails, then the $21 mark looks like the next best possible support for the Binance coin

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.